From the 'Office of the Chief Economist' - Resources and Energy...

From the 'Office of the Chief Economist' - Resources and Energy Quarterly (March 2021)

Copper

Growing copper consumption to higher export earnings

• The copper price is expected to be buoyed by the global economic recovery and rising investment in renewable energy and electric vehicles. Prices are forecast to increase to an average US$8,260 a tonne in 2021, before stabilising around a projected US$7,940 a tonne (in real terms) in 2026.
• Australia’s copper exports are projected to rise from 924,000 tonnes in 2019–20 to around 992,000 tonnes (in metal content terms) in 2025–26, driven by growing production from new and existing mines.
• As prices and output grow, Australia’s copper export earnings are projected to lift from $10 billion in 2019–20 to $16 billion (in real terms) in 2025–26, up an average 7% a year.

https://publications.industry.gov.au/publications/resourcesandenergyquarterlymarch2021/documents/Resources-and-Energy-Quarterly-March-2021-Copper.pdf